Making mistakes with money is bad enough. Making mistakes when buying or selling a home could sink you. It's important to know what you can afford and make a purchasing decision based on that information. Only get a mortgage payment that is no more than 25% of your take-home pay on a 15-year fixed-rate note with at least 20% down. Spend any more of your monthly budget than that, and you could be putting yourself out on the street.
If you are buying a home, have the mentality of an investor. Only pay with cash, and get a deal on the front end. If you are selling, get your home cleaned, repaired, landscaped and show-worthy. Make someone proud and eager to buy. If you do, they will.
- Dave Ramsey
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